At some point, investors need to call a spade a spade, which brings us to pet e-commerce specialist Chewy (CHWY). Fundamentally, the appeal of the business is rather obvious: Americans love their four-legged friends. They also love convenience, as evidenced by the rise of Amazon (AMZN). Combine these two elements together and you should have a strong bullish case for CHWY stock.
Unfortunately, that narrative has simply not panned out. Shares are down nearly 44% on a year-to-date basis, leading the Barchart Technical Opinion indicator to downgrade CHWY stock as a 100% Strong Sell. With this kind of negative performance, it's difficult not to view Chewy as a falling knife.
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Unfortunately, that narrative has simply not panned out. Shares are down nearly 44% on a year-to-date basis, leading the Barchart Technical Opinion indicator to downgrade CHWY stock as a 100% Strong Sell. With this kind of negative performance, it's difficult not to view Chewy as a falling knife.
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4 months ago
